Up to a 20% discount on the final sale amount for Auction and Own It Now properties sold by the Detroit Land Bank Authority is available to all individuals who have received a homebuyer education certificate within the past twelve (12) months.
In order to use the discount in the purchase of a property, prior to applying to purchase a listing you must complete the homebuyer counseling course, apply for the discount through the Detroit Land Bank’s website, and be approved for the discount by the relevant homebuyer counseling agency or provide a certificate of completion.
To apply for the discount:
Your discount application will be reviewed by the homebuyer counseling agency you select when applying for the discount. If approved, you will receive an email stating that your discount has been approved by the homebuyer counseling agency. The discount will automatically be applied to the next property you purchase through the Detroit Land Bank.
The discount will be applied at closing on the sale of the property. For example, if you purchase a property for $1,200, your credit card will be charged $1,000 immediately upon completion. At the time of closing, you will receive a $200 credit and will pay the remaining closing costs and any other applicable charges. Please see details about Auction closing costs here and Own It Now closing costs here.
All individuals who use a homebuyer counseling discount in the purchase of a Detroit Land Bank property (“Homebuyer Counseling Discount Purchasers”) will be required to occupy the dwelling as their primary residence upon completion of the Detroit Land Bank’s rehab requirements. The Homebuyer Counseling Discount Purchaser must provide:
All eligibility and other requirements that apply under the Detroit Land Bank Authority’s rules and procedures will apply to Homebuyer Counseling Discount Purchasers. Please see details about Auction rules here and Own It Now rules here.
The property must be purchased by an individual and cannot be purchased by a corporation, limited liability company, joint venture, or other legal entity.
One discount will be given per registered discount buyer. Buyers will not be granted more than one Homebuyer Counseling discount, nor will bidders be granted more than one type of discount – e.g. a City Employee discount and a Homebuyer Counseling discount. Bidders cannot combine or use multiple discounts on the purchase of a single property.
If a bidder applies and is approved for multiple discounts, the higher discount amount will automatically take effect- e.g. if a bidder is approved for the City Employee discount and is subsequently approved for a Homebuyer Counseling discount, that bidder will receive the highest discount amount and use the other discount on their next Auction or Own It Now purchase.
The discount will automatically be applied to the purchase of the first property won in Auction or purchased through the Own It Now website after the discount request is approved. Purchasers may not use the discount in the purchase of subsequent properties.
Participating Homebuyer Counseling Agencies Contact Information:
Central Detroit Christian Community Development Corporation
Blessed Sacrament Community Center, 150 Belmont, Detroit, MI 48202
Focus Hope, 1300 Oakman, Detroit, MI 48238
National Faith Homebuyers
Address: 601 W Fort Street, Suite 100, Detroit, MI 48226
Neighborhood Assistance Corporation of America (NACA)
Southwest Counseling Solutions, 1600 Porter St, Conference Room B, Detroit, MI 48216
Pre-registration is required. To attend a workshop, you must contact Southwest Solutions and visit its offices at: 2835 Bagley, Ste. 800, Detroit, MI 48216
Training Location: U-SNAP-BAC Offices, 14901 East Warren, Detroit, MI 48224